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Founded by Fazle Hasan Abed on Jul 4, 2001.1
BRAC Bank was founded on 4 July 2001 to serve the large unbanked population excluded from traditional banking services. The main concept of the bank was to facilitate small and medium enterprises. BRAC Bank was founded by Fazle Hasan Abed, the founder of BRAC and BRAC University.
In 2005, BRAC Bank established BRAC Afghanistan Bank in 2006 as a greenfield venture.
In February 2008, the CEO and managing director of BRAC Bank, Imran Rahman, died in Canada. In May 2008, the bank decided to purchase a majority stake in GSP Finance Company (Bangladesh) Limited. Muhammad A. (Rumee) Ali was appointed chairman of BRAC Bank Limited. Muhammad A. (Rumee) Ali was a deputy governor of Bangladesh Bank and had joined BRAC in 2007.
In August 2009, BRAC Bank purchased 51 per cent of Equity Partners Limited and Equity Partners Securities Limited. They are later renamed to BRAC EPL Stock Brokerage Limited and BRAC EPL Investments Limited. BRAC Saajan Exchange Limited was established in 2011 through the purchase of Saajan Worldwide Money Transfer Limited, established in 2009, in Great Britain. BRAC Bank sponsored Wasfia Nazreen seven summit expedition.
In September 2014, a robbery took place at the Joypurhat District branch of BRAC Bank Limited. Rapid Action Battalion arrested the suspects and recovered some of the stolen money in September.
Ahsan H Mansur was appointed chairman of BRAC Bank on 27 August 2019, replacing Sir Fazle Hasan Abed after he retired. Its half-yearly profit saw a 50 per cent decline.
BRAC Bank filed an appeal on 19 October 2020 with the Appellate Division seeking a stay order on a verdict of the Bangladesh High Court, which ordered the bank to pay 1.5 million BDT to Jaha Alam, who had served three years wrongly in a case filed by BRAC.
BRAC Bank received US$30 million in April from the International Finance Corporation. In August 2021, BRAC Bank planned to raise six billion BDT through issuing bonds.
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In September 2022, Bangladesh Bank ordered BRAC Bank to spend 50 per cent of their profits from foreign exchange trading, deemed unethical by Bangladesh Bank, on corporate social responsibility programs. On 28 September, it opened its 800th agent banking branch. It had approved 15 per cent dividends for stock holders. It increased the salary of junior-grade officers by 50 per cent. It had a total asset of 611 billion BDT as of 2022. It launched a digital loan app called Shubidha.
On 11 January 2023, BRAC Bank borrowed US$50 million from the German Investment Corporation. It donated 40 million BDT to Prime Minister Sheikh Hasina's Ashrayan-2 project. BRAC Bank opened its 1000th agent banking outlet in February 2023.
From Wikipedia’s article on BRAC Bank, shared under CC BY-SA 4.0.4